The present disclosure relates to transaction processing, and in particular, to peer to peer verification of a transaction.
Unless otherwise indicated herein, the approaches described in this section are not prior art to the claims in this application and are not admitted to be prior art by inclusion in this section.
Traditionally, to send money electronically from one person to another, the sender, or initiator, would have to go to a bank or money transmitter, and provide proof of identity (typically a driver's license). The third party in this transaction—that is, the bank or money transmitter—provides the authentication, based on information obtained from the initiator and, possibly, the receiver. Also, either the initiator, or receiver, or both, may require a specialized account, which may limit the amount transferred, or the ways in which the transferred funds can be used.